Dolphin finds backer to continue harsh environment drilling
OSLO, Norway – Dolphin Drilling is set to continue in business after completing a financial restructuring.
This should allow it to continue deploying its semisubmersible rigs and drillships offshore the UK and Norway.
The company’s operating subsidiaries have been transferred to a new holding company, Dolphin Drilling Holdings, which is incorporated in Jersey and which will be net-debt free, with increased financial flexibility.
Previous holding company Dolphin Drilling ASA was set to file for bankruptcy in Norway today and should be wound down.
The new majority shareholder – investment funds advised by Strategic Value Partners – is said to be fully supportive of the contractor and its new management team.
Bjørnar Iversen, incoming CEO of Dolphin Drilling, said: “We now have the firm financial footing we need to win new business.”